ECONOMY

Macquarie declared highest bidder for stake in national grid operator

macquarie-declared-highest-bidder-for-stake-in-national-grid-operator

Australian infrastructure giant Macquarie has been declared the highest bidder to buy 49% of Greece’s national grid operator, its owner PPC announced on Friday.

DEI said Spear WTE Investments, a member of the Macquarie Infrastructure and Real Assets Group (MIRA), was offering €2.116 billion for the stake in the Hellenic Electricity Distribution Network Operator (HEDNO), an offer that valued the company at 151% of its adjusted asset base.

PPC sources said it was the biggest privatization in Greek history and noted that PPC will be able to significantly reduce its borrowing while it will also fund its investment program in renewable energy sources.

At the same time, HEDNO, with the support and know-how over an international partner and under PPC’s management, will develop an expanded modernization and digitalization program of its network, offering better and more quality services.

PPC said Macquarie’s offer included net debt worth €804 million.